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3-year note auction of 9 February 2010 (new issue)

The 3-year note sold $44.492 billion at a high yield of 1.377% on , with a bid-to-cover ratio of 2.83.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.377%

Median yield 1.307%

Bid-to-cover

2.83

▼ −0.15 since 12 Jan

Sold

$44.49 billion

$40 billion offered

Indirect bidders

51.2%

Of competitive bids accepted

High yield at the last 36 3-year note auctions

High yield at each 3-year note auction, %

High yield at the last 36 3-year note auctions36 auctions from 5 August 1997 to 9 February 2010; the latest at 1.377%.0.0%2.0%4.0%6.0%8.0%199820032004200520062007200820092010This auction, 1.377%High yield at the last 36 3-year note auctions36 auctions from 5 August 1997 to 9 February 2010; the latest at 1.377%.1.0%2.0%3.0%4.0%5.0%200620072008200920101.377%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
1.3772.83
1.4902.98
1.2232.98
1.4043.33
1.4452.76
1.4873.02
1.7802.89
1.5192.62
1.9602.82
1.4732.66
1.3852.42
1.4892.26
1.4192.67
1.2002.21
1.2452.15
1.8003.07
4.5742.39
4.8002.97
4.6662.27
4.8982.14
4.9952.31
4.5952.03
4.4582.42
4.2042.31
3.8212.38
3.4702.01
2.8422.02
3.1992.08
2.3302.27
2.6252.11
2.4221.32
2.0091.96
5.639–
5.420–
5.768–
6.047–

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.832.795 of 127 of 12
High yield1.3771.48011 of 121 of 12
Indirect bidders' share51.246.95 of 127 of 12
Direct bidders' share10.14.73 of 129 of 12
Primary dealers' share38.740.27 of 125 of 12
High minus median, basis points7.05.61 of 1210 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 3-year note?

Indirect bidders took 51.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 12 January 2010

Indirect bidders took 51.2% of the competitive bids acceptedIndirect bidders 51.2%, Direct bidders 10.1%, Primary dealers 38.7%Indirect bidders51.2%38.0%Direct bidders10.1%23.4%Primary dealers38.7%38.6%Indirect bidders took 51.2% of the competitive bids acceptedIndirect bidders 51.2%, Direct bidders 10.1%, Primary dealers 38.7%Indirect bidders51.2%38.0%Direct bidders10.1%23.4%Primary dealers38.7%38.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.238.0
Direct bidders10.123.4
Primary dealers38.738.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as3-Year, new issue
Offering amount$40,000,000,000
Bids received$117,707,437,400
Sold$44,491,937,400
Competitive bids accepted$39,793,300,000
Non-competitive bids accepted$156,714,800
Federal Reserve (SOMA) add-on$4,491,922,600
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.377
Median rate, %1.307
Low rate, %1.200
Interest rate (coupon), %1.375
Bids at the high rate filled, %26.75
Bid-to-cover ratio2.83
Indirect bidders accepted$20,367,800,000
Direct bidders accepted$4,009,000,000
Primary dealers accepted$15,416,500,000
Indirect bidders' share, % (ours)51.2
Direct bidders' share, % (ours)10.1
Primary dealers' share, % (ours)38.7
High minus median, basis points (ours)7.0
Treasury par yield curve, 3-year point, same day, %1.37
High yield minus that point, basis points (ours)0.7

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (3-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 3-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.83Last 24 auctions7 of 2417 of 242.52
Bid-to-cover ratio2.83Since 10 November 20086 of 159 of 152.76
Bid-to-cover ratio2.83All 31 since 6 May 20037 of 3124 of 312.38
High yield1.377Last 24 auctions21 of 243 of 241.650
High yield1.377Since 10 November 200812 of 153 of 151.473
High yield1.377All 98 since 5 May 198195 of 983 of 986.038
Indirect bidders' share51.2All 15 since 10 November 20085 of 1510 of 1543.8
Direct bidders' share10.1All 15 since 10 November 20083 of 1512 of 153.0
Primary dealers' share38.7All 15 since 10 November 200810 of 155 of 1542.5
High minus median, basis points7.0Last 24 auctions3 of 2420 of 245.0
High minus median, basis points7.0Since 10 November 20083 of 1511 of 155.6
High minus median, basis points7.0All 98 since 5 May 19814 of 9893 of 981.0

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 9 February 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100209_3.pdf. Compiled by 500metrics, "3-year note auction of 9 February 2010 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2010-02-09.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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